- Binance Coin price analysis is bullish today.
- BNB/USD retraced and set a new higher low yesterday.
- The nearest resistance lies at $490.
Today’s Binance Coin price analysis is bullish owing to the formation of a higher low around $475, which followed yesterday’s retracement. As a result, we anticipate that BNB/USD will regain its momentum and rise toward $510 today.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Binance Coin price movement in the last 24 hours: Binance Coin retraces to $481
The price of BNB/USD has been ranging between $475.42 and $482.73 on the 1-day chart, reflecting significant swings over the previous 24 hours. Trading volume has increased by 32.81 percent, with $3 billion worth of transactions recorded over the last day, while the overall market cap is about $82 billion and it ranks
BNB/USD 4-hour chart: BNB to set further highs today?
On the 4-hour chart, we can see Binance Coin price action pushing higher again today, which is likely to result in a new high by the end of the day.
Binance Coin has had an excellent month in October. The end of the month saw BNB/USD fall to a new low of $320 on 29th September, after which a vigorous advance began on the 29th and continued into mid-October, bringing BNB/USD to $450 by the 7th of October.
On the 12th of October, the price fell to a low of $480 before beginning another rally that continued until it hit a new high on Monday.
Binance Coin made a final push higher after a brief retest of $480 high as support, eventually peaking at $505. Yesterday’s retreat took the market to $470, where a fast reversal was witnessed. Since then, BNB/USD has risen further, indicating that we may anticipate more highs set today.
Binance Coin Price Analysis: Conclusion
The price of Binance Coin is rising fast, due to a higher low being formed overnight, which has prompted another push higher today. As a result, we anticipate BNB/USD to continue appreciating and attempt the $510 resistance later today.